Europe

UK retailer WH Smith has tapped the convertible bond market for the first time as part of a wider refinancing package intended to position it for a return to growth this year once Covid-19 restrictions are lifted.

Euronext, the European stock exchange operator, has launched its long-awaited €1.8bn rights issue to part-fund its acquisition of Borsa Italiana Group from the London Stock Exchange Group.

Deutsche Bank’s investment banking group was among the best performers in a strong all-round quarter for the German firm.

Swiss-Austrian company Montana Aerospace has embarked on a virtual roadshow after launching an IPO on Friday. Sources close to the transaction are in high spirits after the first few days of education and hopeful for a strong result after nabbing two cornerstone orders.

The European Commission has fined three banks for breaching European Union competition rules in trading SSA dollar bonds in the secondary market, it said on Wednesday.

Ecoener, the Spanish renewable energy company, reduced its IPO on the Spanish stock exchange to €100m on Wednesday, as it became the latest deal to face difficulty in the European IPO market.

The Principality of Andorra sold its first ever international public bond on Wednesday, bringing a 10 year sustainability benchmark to market and pricing sharply inside guidance.

Segezha, the Russian paper and pulp company, has completed its IPO on the Moscow exchange. The conclusion of the listing was a relief for the company, given fears that it could have been derailed by political tensions between Russia and the US.

A Sfr1.1bn jumbo block trade in Barry Callebaut, the Swiss chocolate maker, by Jacobs Holding, has attracted strong demand from investors eager to add defensive exposures to their portfolios.

The IPO of PolyPeptide Group, the Swiss pharmaceutical ingredients company, is set to be priced at Sfr64, above the midpoint of the initial Sfr57 to Sfr68 range, according to sources close to the deal.

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.